Soreide Law Group Files FINRA Claims on Behalf of 7 Investors Against GMS Group and Jason Figuero

Nov. 18, 2013 - PRLog -- Soreide Law Group has filed 3 arbitrations on behalf of 7 investors against the GMS Group and their registered representative, Jason Figueroa. The statements of claim filed with the Financial Industry Regulatory Authority allege fraud, negligence, negligent supervision, and violation of the Florida Investor Protection Act under Florida Statute 517. The allegations for all 7 investors involve claims of unauthorized trading, the charging of excessive commissions in the form of excessive mark ups and mark downs, account churning, over-concentrating positions in highly leveraged gold investments, and selling unsuitable investments.

Many of the investors, represented by attorney Lars Soreide, of the Soreide Law Group, were sold highly leveraged gold investments and other high risk investments that utilized leverage. It is alleged that these investments were inappropriate for the group of investors pursing claims against the GMS Group and Jason Figueroa. Some of the investments at issue include Direxion Daily Gold Miners Bull 3X index or “NUGT” and and Market Vectors Gold Miners ETF or “GDX” and other leveraged gold investments like junior gold miners or “GDXJ." Jason Figueroa works out of the Boca Raton, FL office of the GMS Group.


Figueroa has racked up six reported customer complaints on his U4. The significance of Figueroa's customer complaints is underscored in FINRA's NOTICE to MEMBERS 03-49. In 2003, FINRA conducted a review of the CRD’s of all 663,000 registered representatives. Only 2,751 (.41%) had been the subject of three (3) or more customer complaints. In other words, Figueroa's customer complaints rank him in the top one-hundredth percent of all registered representatives for customer complaints.  The vast majority of the reported conduct all relates to similar conduct at issue here involving material misrepresentations and negligent recommendations involving deceptive trade practice allegations.

All allegations at this point are unproven and are contested by GMS Group and Jason Figueroa.

Soreide Law Group can be reached at (888) 760-6552 or locally at (954) 760-6552. Soreide Law Group is located in Fort Lauderdale and represents investors nationwide before FINRA. Call for a free consultation. Soreide Law Group is found on the web at http://www.SecuritiesLawyer.com.